TaxTMI 
TaxTMI 
2024 (2) TMI 906
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.... CESTAT Appeal No. 01-May-08 to 31-Mar-13 OIO 5/2017 dt. 27-Mar-14 E/41583/14 (Rs 1.52 crores) Apr-13 to Jul-13 OIO 4/2015 dt. 18-May-15 and OIA 240/16 dt. 23-Jun-16 E/41835/16 (Rs 3.9 lakhs) 01-Jan-16 to 31-Jun-17 OIO 28/2018 dt. 27-Aug-18 and OIA 656/18 dt. 28-Dec-18 E/40432/19 (Rs 19.08 lakhs) 1. The appellant went into 'Corporate Insolvency Resolution Process' under the Insolvency and Bankruptcy Code, 2016 ("IBC, 2016"). The insolvency commencement date was 17-Aug-17. 2. A public announcement dt 24-Aug-17 was issued under s. 15 of the IBC, 2016, in the Chennai edition of The Indian Express and in the Tamil daily Dinamani, whereby the creditors of the appellant were called upon to submit proof of their claims on or before 07-Sep-17. However, no claim was filed by the respondent pursuant to this public announcement in respect of the amounts demanded under the orders impugned in these three appeals. 3. Subsequently, a resolution plan was prepared and approved by the 'Committee of Creditors' of the appellant company, and filed before the National Company Law Tribunal ("NCLT"), Chennai. 4. The NCLT, Chennai approved the resolution plan vide it....
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....ubject to Sub-Clause 6.1.1.3(c)(iii) of this Clause 6.1.1.3(c), the Resolution Applicant propose to pay a maximum amount of Rs. 7.01 crores, out of the RA Net Infusion Amount, against the Verified Amount of Statutory Dues. vi) The list of Statutory Dues, as provided by the Resolution Professional, is given in Schedule 4 Schedule 4 - List of Statutory Dues Statutory Liability 1 The Director of Electricity Tax and Chief Electrical Inspector to Government 701,12,080.00 vii) Pursuant to the approval of this Resolution Plan by the NCLT, except the right to receive payment within or thereafter the Deferred Payment Period as envisaged herein, any and all rights and entitlements of, claims or demands made by or liabilities or obligations owed or payable to, any Governmental Authority by the Corporate Debtor (whether admitted/verified or not, due or contingent, asserted or unasserted, crystallised or uncrystallised, known, unknown, disputed or undisputed, present or future or whether or not set out in the balance sheet or profit & loss amount of the Corporate Debtor or the list of Statutory Dues) in relation to any period prior to the Effective D....
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....out of or in connection with or in relation to or consequent to the acquisition of control or management by the Resolution Applicant through SPV over the Corporate Debtor pursuant to this Resolution Plan, shall be settled at NIL value as against any amount, determined to be paid by the Corporate Debtor and accordingly, all such proceedings, inquiries, investigations, etc. shall stand disposed off and all liabilities or obligations in relation thereto,(whether admitted/verified or not, due or contingent, asserted or unasserted, crystallised or uncrystallised, known, unknown, disputed or undisputed, present or future, whether or not set out in the balance sheet or profit & loss account of the Corporate Debtor or the list of Unsecured Financial Creditors Dues), shall be written off in full against a NIL value. By virtue of the order of NCLT approving this Plan, all new inquiries, investigations, notices, suits, claims, disputes, litigation, arbitration or other judicial, regulatory, or administrative proceedings in relation to any period on or before the Effective Date or arising out of or in connection with or in relation to or consequent to the acquisition of control or management b....
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....r otherwise) or demands made by or liabilities or obligations owed or payable to any Person (including any demand for any losses or damages, principal, interest, compound interest, penal interest, notional or crystallized mark to market losses on derivatives and other charges already accrued/accruing or in connection with any third-party claims) to which the Corporate Debtor is or may be subject to and which pertains to the period on or before the Effective Date, shall stand irrevocably and unconditionally settled, discharged and extinguished in perpetuity. 8.7 The Resolution Applicant or the Corporate Debtor or any other Person in management and control of the Corporate Debtor on and from the NCLT Approval Date or the Effective Date, as the case may be, shall not be held liable for any continuing Non-Compliance (including for any interest and penalty) of the Corporate Debtor under any Applicable Law which had arisen or started during the period prior to Effective Date. 6. It would be seen from the above that the demands disputed in these appeals, being demands in respect of the periods from the year 2006 to the year 2017, are squarely covered by the resolution plan app....